Wall Street analysts issued mixed initial coverage of Bullish (BLSH), the crypto exchange and parent of CoinDesk, following the company’s recent IPO: two buy ratings, one market-perform and one neutral call.
Rosenblatt Securities started coverage with a buy rating and a $60 price target, pointing to shifting U.S. politics, growing institutional adoption and Bullish’s scale — more than $500 billion in annual trading volume — as growth drivers.
Rosenblatt also flagged potential recurring revenue from stablecoin services after passage of the GENIUS Act, and valued Bullish at roughly 31x projected 2027 adjusted EBITDA in its model.
Canaccord Genuity also began coverage with a buy rating and a $68 target, citing Bullish’s leadership in global spot volumes, expansion into media and data through acquisitions, and the prospect of a New York BitLicense that would open U.S. institutional business.
Broker Bernstein gave a market-perform rating with a $60 target, noting Bullish’s experienced management and forecasts that assume the exchange could capture about 8% of U.S. institutional spot volume by 2027 if the U.S. launch succeeds.
By contrast, JPMorgan started with a neutral rating and a $50 price target, saying valuation concerns and the firm’s still-limited scale justify a cautious stance despite promising demand and $2.4 billion of bitcoin on Bullish’s balance sheet.
Shares traded about 3.6% lower, near $50.53 at the time of publication. For investors and institutions, the ratings highlight both near-term catalysts — U.S. market entry and regulatory approvals — and key risks around valuation, regulation and crypto market volatility.
Source: CoinDesk. Read the original coverage for full details.